Abu Dhabi orders merger of Mubadala, IPIC

29/06/2016 Argaam

The Abu Dhabi government has ordered the merger of state investment funds, International Petroleum Investment Co. (IPIC) and Mubadala Development Co., according to statement carried by state news agency WAM on Wednesday.

 

A committee headed by Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan will oversee the merger, the statement added.

 

The merger will “realize synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments,” the statement said.

 

Both companies will continue to operate independently until joint committee concludes its assignment. The statement didn’t give a timeframe for when the merger would be completed.

 

IPIC was established by a government decree in 1984 with a mandate to invest globally in energy and energy related industries, such as such as Austria’s OMV and petrochemical firm Borealis.

 

Mubadala was set up in 2002 and owns stakes in Emirates Global Aluminium, green energy firm Masdar and a host of other diversified companies. It also has stakes in companies such a US giant GE and private equity group Carlyle.

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